China reports sales increase of 13.8% during Golden Week

China's Ministry of Commerce has announced the preliminary results of retail sales during the Chinese New Year period (25-31 January). According to local Chinese press reports, In the Golden Week, total retail sales reached CNY290 billion (USD 42 billion), up 13.8% from the same period last year. Sales in food, drinks, tobacco, home appliances, clothing and jewellery showed strong growth above average. However, the growth rate slowed down a bit, compared to 16% in 2008 and some retailers in major cities have reported negative growth.

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